You spend $1,000 on your credit card,and the minimum payment is $10 a month.If you pay double the minimum payment,what will happen?
A)You will pay the debt off more quickly.
B)You will end up in perma-debt.
C)You will pay off the debt more slowly.
D)None of the options are correct.

Question

Quizplus · Accepted Answer

By paying double the minimum payment, you will be paying off more of the principal balance each month, which will result in paying off the debt more quickly. This will also save you money in the long run by reducing the amount of interest you will have to pay.

You Spend $1,000 on Your Credit Card,and the Minimum Payment